Club Med chairman ousted
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Henri Giscard d’Estaing, the longtime chairman of Club Med, said he was pushed out by the company’s owners, Shanghai-based Fosun Tourism Group, due to a disagreement over strategy and governance, according to a Bloomberg report.
D’Estaing said that Fosun abruptly replaced him in a move that went against a previously agreed-upon procedure.
Club Med “should be listed on the stock market and its center for decision making must remain in France,” he told staff in the letter, dated July 16.
“Despite everything I’ve done to convince them, Fosun refused and has de facto dismissed me.” Fosun said, in a separate statement, that Club Med began a succession plan last year with the collaboration of d’Estaing and the board, which is “still ongoing.”